Plymouth Industrial REIT Expands in Atlanta with $11M Acquisition
Tuesday, January 9th, 2018
Plymouth Industrial REIT, Inc. announced that on December 21, 2017 it acquired three single-tenant industrial buildings in Atlanta, Georgia totaling 330,361 square feet for $11.425 million in cash. The acquisition is projected to provide an initial yield of 8.3%.
The portfolio is occupied by three longstanding tenants with extended histories at the properties with excellent visibility and access to I-20. The 198,000-square-foot 1665 Conyers Drive is leased to DiversiTech, a leading supplier of HVAC components. The 100,000-square-foot 1715 Dogwood Drive is occupied by Bio-Lab, a chemical and cleaning products company for the pool and spa industries. The 32,361-square-foot 11236 Harland Drive is occupied by Clairon Metals Corporation, a leading metal stamping company.
Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “We are excited to extend our presence in the Atlanta market with such well-located buildings and strong tenants.”
Pendleton White, Jr., President and Chief Investment Officer, added, “We acquired these mission critical buildings, where two of the tenants have manufacturing facilities in close proximity, at well-below replacement cost and a combined weighted average lease term of over four years. With the I-20 East submarket possessing one of the lowest vacancy rates in Atlanta as well as limited amount of new supply, we are confident these assets will be strong long-term investments.”